Wednesday, May 15, 2013
DUBAI (Zawya Dow Jones)--Saudi Arabia's General Lighting Company, in which U.S. private equity giant Carlyle Group L.P. (CG) holds a 30% stake, submitted plans for an initial public offering with the kingdom's capital markets authority earlier this month, according to two people familiar with the matter.
Carlyle bought the GLC stake for an undisclosed sum in 2010. It was one of the Washington D.C.-based buyout group's first investments through its $500 million fund dedicated to the Middle East and North Africa. Since then, Carlyle has made other investments in Turkey, Saudi Arabia and most recently in Jordan.
Gulf International Bank and Latham & Watkins are advising the companies on its listing, said one person familiar with the matter. The application is now being reviewed by the CMA, the person said.
Meanwhile, Carlyle is also in the final stages of disposing its stake in Turkish hospital group Medical Park, said one of the two people familiar with the matter.
Carlyle, which last year raised $671 million in its own IPO, has around $176 billion in assets under management.
Write to Nicolas Parasie and Summer Said at nicolas.parasie@dowjones.com
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(END) Dow Jones Newswires
15-05-13 1036GMT
